DXP Enterprises (NASDAQ:DXPE) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of DXP Enterprises (NASDAQ:DXPE) from a hold rating to a buy rating in a report published on Saturday.

Several other analysts have also recently weighed in on DXPE. Stephens lifted their price target on shares of DXP Enterprises from $160.00 to $220.00 and gave the company an “overweight” rating in a report on Friday. Weiss Ratings raised shares of DXP Enterprises from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Zacks Research lowered shares of DXP Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Finally, Freedom Capital downgraded shares of DXP Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $187.00.

DXP Enterprises Price Performance

Shares of DXPE stock opened at $192.36 on Friday. The firm has a market cap of $2.98 billion, a P/E ratio of 33.87 and a beta of 0.98. DXP Enterprises has a fifty-two week low of $84.04 and a fifty-two week high of $208.00. The business’s 50 day moving average price is $164.98 and its 200-day moving average price is $152.16. The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.56 and a current ratio of 2.99.

DXP Enterprises (NASDAQ:DXPE) last posted its earnings results on Wednesday, August 5th. The industrial products company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.17. The firm had revenue of $576.46 million for the quarter, compared to analysts’ expectations of $543.00 million. DXP Enterprises had a return on equity of 18.51% and a net margin of 4.35%.

Insider Buying and Selling

In related news, Director Timothy P. Halter sold 6,842 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $141.59, for a total value of $968,758.78. Following the sale, the director owned 30,000 shares in the company, valued at $4,247,700. This represents a 18.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CMO Paz Maestas sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $164.37, for a total value of $1,643,700.00. Following the transaction, the chief marketing officer directly owned 590,262 shares of the company’s stock, valued at approximately $97,021,364.94. This trade represents a 1.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 22.00% of the company’s stock.

Hedge Funds Weigh In On DXP Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in DXP Enterprises by 29.4% in the 1st quarter. Royal Bank of Canada now owns 5,071 shares of the industrial products company’s stock worth $417,000 after purchasing an additional 1,153 shares in the last quarter. Millennium Management LLC increased its stake in DXP Enterprises by 661.5% during the 1st quarter. Millennium Management LLC now owns 128,956 shares of the industrial products company’s stock valued at $10,608,000 after purchasing an additional 112,021 shares in the last quarter. Jane Street Group LLC increased its stake in DXP Enterprises by 433.8% during the 1st quarter. Jane Street Group LLC now owns 58,954 shares of the industrial products company’s stock valued at $4,850,000 after purchasing an additional 47,909 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in DXP Enterprises by 9.5% in the second quarter. JPMorgan Chase & Co. now owns 67,018 shares of the industrial products company’s stock worth $5,874,000 after buying an additional 5,820 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in DXP Enterprises by 19.3% in the second quarter. Russell Investments Group Ltd. now owns 4,699 shares of the industrial products company’s stock worth $412,000 after buying an additional 761 shares during the last quarter. 74.82% of the stock is currently owned by institutional investors.

About DXP Enterprises

DXP Enterprises, Inc is a Houston, Texas–based industrial products and services distributor serving customers across North America. The company provides a broad portfolio of maintenance, repair and operations (MRO) supplies, including fluid power components, safety products, mechanical power transmission parts, and instrumentation. DXP’s product offering spans well-recognized private brands as well as equipment and parts from leading global manufacturers, enabling clients in energy, heavy industrial and manufacturing sectors to source critical components from a single supplier.

Through its network of service centers and specialized repair facilities, DXP delivers inventory management programs, turnkey fluid power rebuilds and custom assembly solutions.